Oil services group and former executive guilty of corruption

Italian prosecutors claim that Saipem S.p.A. paid intermediaries nearly 198 million euros for contracts in Algeria.  Saipem’s former CEO was convicted along with the company, but the court acquitted Eni and its executives in the same case.  Saipem says it will appeal the ruling.  Meanwhile, the company has made a provision of €38 million to cover the difference between the amount ordered confiscated by the Milan court, and the amount of the preventive seizure ordered earlier in the process.

Saipem Press Release 

Saipem Consolidated Report, June 30, 2018